Crypto Trader Boss Dies With Passwords To Clients $110m

A place to sit back, relax, get to know each other, and talk about whatever you want to discuss or share with the group.
Forum rules
Please be sure to check the Rules & Guidelines

Crypto Trader Boss Dies With Passwords To Clients $110m

Postby toucana on February 4th, 2019, 1:19 pm 

Gerald_Cotten.jpg
Gerald Cotten - Died in India last December

Canada's leading cryptocurrency exchange company has said it cannot repay $190m (£110m) to clients because its founder died with their passwords.

https://news.sky.com/story/crypto-trader-boss-dies-with-password-to-clients-110m-11628106

QuadrigaCX's founder Gerald Cotten, 30, died "due to complications with Crohn's disease" while travelling in India to open an orphanage in December, his wife Jennifer Robertson said.

Mr Cotten held "sole responsibility for handling the funds and coins" and no other members of the team could access the stored funds, she said in a sworn affidavit as she filed for credit protection on 31 January with the Supreme Court of Nova Scotia.

Ms Robertson said about $190m (£110m) in both cryptocurrency and normal money is in "cold storage" - where the company, or just Mr Cotten in this case, holds the key, not the client.

https://www.ccn.com/190m-gone-how-canada-biggest-bitcoin-exchange-lost-it

The founder held "sole responsibility for handling the funds and coins" and no other members of the team could access the stored funds, she added.

She has her husband's laptop but she does not know the password and a technical expert they hired had not been able to bypass its encryption, she told the court.

Ms Robertson added in the affidavit that she and her colleagues have had threats made against them from online cryptocurrency communities - especially from Reddit users.

QuadrigaCX customers have been complaining on social media that they have not been able to withdraw money from their accounts.

Some are questioning whether Mr Cotten is even dead and others have accused the company of lying to them.
User avatar
toucana
Chatroom Operator
 
Posts: 1359
Joined: 20 Sep 2006
Location: Bristol UK
Blog: View Blog (10)


Re: Crypto Trader Boss Dies With Passwords To Clients $110m

Postby A_Seagull on February 4th, 2019, 4:33 pm 

Sounds, smells and looks like a scam....
User avatar
A_Seagull
Member
 
Posts: 97
Joined: 29 Apr 2017



Return to Lounge Area

Who is online

Users browsing this forum: No registered users and 11 guests